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Nov 6 (Reuters) - J.P Morgan raised Macy's Inc to "overweight" from "neutral," citing improving monthly comparable store sales at the department store operator and a potential for earnings upside. "We expect a healthy EPS beat in the third quarter ...and see potential upside to fourth-quarter earnings," the brokerage said. With improving same-store sales trends, higher-margin private label and exclusive products outperforming, and SG&A dollars remaining down year-over-year, Macy's is poised to beat current consensus estimates materially, the brokerage added The "My Macy's" localization initiative and an improving New York City shopping backdrop would help improve top-line results, the brokerage wrote in a note to clients. The brokerage also raised its price target on the stock by $4 to $23. Cincinnati-based Macy's stock was up 3 percent at $18.50 Friday in trading before the bell. It closed at $18.02 Thursday on the New York Stock Exchange. (Reporting by Vidya Lakshmi in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: MACYS/RESEARCH JPMORGAN (vidya.lakshmi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: vidya.lakshmi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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